Sales of Existing Homes Rise in July; Inventory at Record High

Washington Post (08/26/08) P. D2; Zibel, Alan
According to the National Association of Realtors, existing-home sales bumped up 3.1 percent in July to an annual rate of 5 million from 4.85 million the prior month. Year over year, resales were down 13 percent; and the median home price fell 7.1 percent to $212,000. Meanwhile, inventory of existing single-family dwellings and condominiums surged to a 40-year high of 4.67 million, or an 11.2-month supply. NAR chief economist Lawrence Yun said foreclosures and distressed property sales account for 33 percent to 40 percent of current sales activity.